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In the late afternoon, the common currency cost 1.1930 US dollars, about half a cent more than the daily low. The European Central Bank (ECB) set the reference rate at 1.1926 (Friday: 1.1891) dollars. The dollar cost 0.8385 (0.8410) euros. The Turkish lira, however, collapsed at the beginning of the week.
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The euro was supported by the good mood on the stock markets. By contrast, the US dollar, which many investors see as a kind of retreat in troubled times, lost ground. Overall, trading between the two most important currencies in the world was calm at the beginning of the week. There was no particularly strong stimulus from economic data or statements from central bankers.
The beginning of the week was very different on the Turkish financial markets. The local currency, the lira, and the stock exchange prices in Istanbul collapsed dramatically. The trigger was the dismissal of Federal Reserve Chairman Naci Agbal by President Recep Tayyip Erdogan at the weekend. Analysts and investors were caught completely on the wrong foot by the surprising move. The lira fell by 15 percent at times against the US dollar, and the Bist 100 stock market index lost almost 10 percent.
The dismissal of Agbal after only four months in office caused headshakes and horror among analysts. The European rating agency Scope commented that the move exacerbated the crisis of confidence in Turkey Monetary policy and undermine the country’s economic stability. During his short term in office, Agbal had regained confidence in Turkey’s fickle monetary policy. By raising interest rates, he had stabilized the lira, which had previously fallen sharply, even though President Erdogan is an opponent of high interest rates. The latter is likely to have become Agbal’s undoing.
For other major currencies, the ECB set the reference rates for one euro at 0.86233 (0.85763) British pounds, 129.77 (129.54) Japanese yen and 1.1023 (1.1066) Swiss francs. The troy ounce of gold was trading at $ 1,737 in London that afternoon. That was about seven dollars less than on Friday.
/ bgf / he
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Quiet trading euro rises dollars Turkish lira plunges message